2026 NFL Draft Betting Report: Lack of Information Creates Chaos for Books

If you’re thinking of betting on NFL Draft odds for the No. 1 overall pick, don’t waste your time. 

At -20000 odds — meaning it takes a $200 bet to win one dollar — Fernando Mendoza is the overwhelming favorite. The Indiana quarterback is practically signed, sealed and delivered to the Las Vegas Raiders.

But things get more interesting from there.

"When someone is that big a favorite, the conversation seems to shift to pick No. 2. And it has," Caesars Sports head of football trading Joey Feazel said. "That’s the most-bet prop, the biggest-bet market right now."

Feazel helps break down the most notable 2026 NFL Draft odds, ahead of the Thursday-Saturday event in Pittsburgh.

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Information Age

Before addressing the No. 2 overall pick, it’s first worth noting how NFL Draft betting differs from what bookmakers typically face.

"In the trading department, we like to use math," Feazel said, alluding to how odds are set for games. "But the NFL Draft is information-based. When a bet comes in on information, the difficulty is deciding whether it’s a rumor or if the bettor on the other side has information. And whether a rumor is true or not.

"When you take math out of the equation, it normally isn’t that helpful to us."

Sharp bettors often heavily engage in NFL Draft odds, and they tend to do well. It’s a tough event for sportsbooks to win.

"We have won sometimes, and we’re certainly trying to win. But we’re not expecting a lot of the information to go our way," Feazel said.

Two-Man Battle

The No. 2 overall pick is still very much in flux,